Our 10 Step Guide to Selling at Auction
Selling property at auction enables a fast and efficient way to sell all types of property and land, and can be much quicker than a traditional estate agency sale. We guide you through the process from instruction to completion – and here’s how it works.
Decide when you want to sell and which auction you would like to enter. Selling at auction is typically much quicker than other methods, providing certainty for sellers - as when the gavel falls at auction a binding contract is effected. There is then a limited time to complete the sale (typically 28 days). Call us on 0345 505 1200 to find out future auction dates and the deadline for entry.
We will set up a free, no obligation auction appraisal on your property which will be conducted by one of our Chartered Surveyors - who will guide you through the auction process based on your property's location and your requirements. We can also recommend the most suitable method of auction - utilising one of our room auctions at impressive locations, or an innovative online auction.
Reserve and Guide Price
After inspecting your property, your Surveyor will provide an appraisal along with a recommendation on a suitable Guide Price and Reserve Price. The Reserve Price is especially important, as this ensures your property will only sell at a price you are willing to accept. The Guide Price provides an indication of what the property is expected to achieve at auction. Both the Guide Price and the Reserve can be subject to change right up to, and including, the day of the auction.
After agreeing a suitable guide price and reserve for the property, your Surveyor will confirm the terms of appointment, any fees and provide the necessary paperwork. Where client instructions are issued verbally we will provide written confirmation, within the agreed timescales, confirming our understanding of those instructions.
Property Particulars and Viewings
We will produce draft sales particulars for your approval including digital colour images of each property. Once approved, these will be listed on our national auction website and leading property portals (such as Rightmove). We also inform our extensive list of active property buyers and specifically targeted clients will be contacted by email, based on previous activity, regional location, and interest preferences, and made aware of lots which reflect their specific requirements. To maximise interest Potential buyers can view your property in the run up to the auction through pre-arranged block viewings that will be guided by one of our professional viewing agents.
We will write to your solicitors requesting a legal pack which will contain any special conditions, title documents, etc. This legal pack will be made available on our website for interested parties (and their solicitors).
Pugh Auctions provide extensive marketing campaigns for every property we offer at auction. The full auction listing will be issued to our existing client database of over 60,000 fully opted-in contacts. National and regional campaigns targeting property journals, regional print titles and other relevant media will also be commenced. This includes paid adverts across national and regional news titles, targeted press releases and other PR activities, along with commentary and auction specific pieces for property titles.
Interests and Offers
All pre-auction offers will be reported to you in writing and our surveyors will contact you to provide their expert guidance on whether you should consider such an offer or proceed to the auction.
Before the Auction
We will contact you to confirm the auction reserve price based on the level of interest and quality of offers. We cannot sell your property below the agreed reserve so it is important that the reserve price is set at a realistically achievable level that you are comfortable with.
Property Doesn’t Sell
Don’t panic if the reserve isn’t met. It is quite common for a property to be sold in the days or weeks after the sale as we continue to actively market and promote the property to interested parties and follow up on other offers. Where the bidding falls just short of securing the property we work hard to convert that initial interest into a post-auction sale and provide regular updates on progress.